Weekly Cryptocurrency Market Analysis: Altcoins Make Excellent Move but Face Strong Resistance at High Price Levels

APE, ETC, AVAX, KSM and RUNE are making positive moves as cryptocurrencies reach the overbought region of the market.

In the last 48 hours, altcoins struggled to break out above their recent highs. Further upside is doubtful as sellers emerge in the overbought region. Below are the five cryptocurrencies as they performed over the past week. 

ApeCoin

ApeCoin (APE) is in an uptrend and rose to a high of $18. However, at the same time, bears sold at the resistance level and the price resumed a downtrend. The downtrend extended to the low of $9.51 as the bulls bought the dips. 

Meanwhile, on March 18, a candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that APE will rise to the Fibonacci extension level of 1.618 or $10.21. The price action shows that the bears have overcome the 1.618 Fibonacci extension. However, the altcoin is correcting upwards above the 1.618 Fibonacci extensions. ApeCoin is the best performing cryptocurrency in the past week. It has the following characteristics: 

Price: $10.51

Market capitalization: $10,511,922,412

Trading volume: $2,577,876,283 

7-day gain: 961.98%

Ethereum Classic

Ethereum (ETC) is in an uptrend as the market has reached the overbought zone. On March 20, ETC rose to a high of $40.99, but the bulls could not overcome the recent high. The cryptocurrency seems to reach the overbought region of the market. ETC is at level 78 of the Relative Strength Index for period 14. The altcoin has reached the overbought region of the market. Further upward movement is doubtful. 

Meanwhile, the March 20 uptrend has seen a retracement candlestick testing the 61.8% Fibonacci retracement level. The retracement indicates that ETC will rise to the 1.618 Fibonacci Extension level or $49.86. It is the cryptocurrency with the second best performance last week. It has the following characteristics:

Price: $38.85

Market capitalization: $8,186,086,521

Trading volume: $3,232,193,196 

7-day gain: 50.97%

Avalanche

Avalanche (AVAX) is in a sideways trend as buyers are pushing the altcoin above the moving averages. The current price action is a possible indication of further upside. AVAX is trading at $90.16 as of press time. The uptrend is encountering resistance at the $92 high. Moreover, the altcoin is above the 80% area of the daily stochastic. This suggests that the market has reached bullish exhaustion. Moreover, AVAX is trading in the overbought region of the market. 

Meanwhile, the March 19 uptrend has a candlestick body testing the 78.6% Fibonacci retracement level. The retracement suggests that AVAX will rise but reverse at the 1.272 Fibonacci extension level or at $99.49. AVAX is the altcoin with the third best performance in the past week. The cryptocurrency has the following characteristics:

Price: $91.07

Market capitalization: $35,870,231,937

Trading volume: $1,957,055,644 

7-day gain: 35.05%

Kusama

Kusama (KSM) is in an uptrend and the altcoin is trading in the overbought region of the market. On March 18, the cryptocurrency reached the high of $149.22, but was pushed back. Today, the bulls have overcome the resistance at $149 and resumed the uptrend. The KSM is above the 80% area of the daily stochastic. This indicates that the altcoin has reached the overbought area of the market. Sellers will show up and push prices down. 

Meanwhile, the March 18 uptrend has a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that KSM will rise, but will reach a reversal point at the Fibonacci extension of $ 1.272 or $162.38. It is the cryptocurrency with the fourth best performance in the past week. It has the following characteristics:

Price: $157.21

Market capitalization: $1,518,907,232 

Trading volume: $125,949,896 

7-day gain: 31.54% 

THORChain

THORChain (RUNE) is in an uptrend. The previous downtrend has weakened after falling to the low of $3.00. The current uptrend has broken through the moving averages and reached the high of $8.77. RUNE is also above the 80% area of the daily stochastic. The altcoin is trading in the overbought region of the market. 

Meanwhile, the March 3 uptrend tested the 38.2% Fibonacci retracement level with a retracement candlestick. This suggests that RUNE will rise but reverse at the 2.618 Fibonacci extension level or $10.46. It is the cryptocurrency with the fifth best performance in the past week. It has the following characteristics:

Price: $8.73

Market capitalization: $4,365,549,989

Trading volume: $401,175,317 

7-day gain: 19.82%

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing.